NAIFA-FL members,

Gov. Rick Scott has proclaimed September Life Insurance Awareness Month. To download a copy of the Proclamation click here. NAIFA-Florida has sent an opinion/editorial to newspapers statewide which is copied below:

Gov. Scott underscores the importance of life insurance

Bob Lotane, NAIFA-Florida

Gov. Rick Scott has proclaimed September 2011 as Life Insurance Awareness Month (LIAM) in Florida. Noting that nearly 95 million Americans have no life insurance and many more have less than what experts recommend, Gov. Scott said that during tough economic times, like we are experiencing, life insurance is more important than ever as many Floridians have even fewer resources to fall back on in the event of tragedy.

Additionally, the industry holds $5 trillion in assets, much of which is invested in many segments of the economy and billions is invested here in Florida. The industry paid out more than $59 billion, over a one year period, to beneficiaries according to the most recent statistics from the National Association of Insurance Commissioners. In Florida that figure was $5 billion.

The fact is, each year a significant number of Americans (600,000) die prematurely. In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female, the odds are 1 in 9. When a premature death occurs, insufficient life insurance coverage on the part of the insured results in 75 percent of surviving family members having to take measures to meet financial obligations, such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.

In my own case, when my late wife Robin was suffering with terminal cancer, I did not have to worry about what it cost to keep her comfortable as I knew I could fall back on life insurance. Robin’s son has been able to use life insurance proceeds to pay for college and to have funds to purchase a house in the future.

Effective life insurance can be bought for relative pennies on the dollar. It is never too soon to investigate these options, and we thank Gov. Scott for shining a light on this important issue.

Bob Lotane is Communications and Political Affairs Director with the National Association of Insurance and Financial Advisors – Florida. He can be reached at Lotane@faifa.org.

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